Ms Namita Shah: Numbers, and especially patterns in numbers, give me a very strong tool for decision-making.

The mining of data for business insights lies at the heart of the growing field of business analytics. Ms Namita Shah, Manager, Decision Management at Citibank Singapore, explains the role she plays in helping businesses to make more informed decisions in client engagement.

What exactly is business analytics?

At its most basic, business analytics is the practice of synthesising data and information and transforming them to uncover insights. Statistical analysis is a part of the process. With the insights, we make actionable recommendations. At the end of the day, it is about understanding the business problem at hand and solving it through data mining.

The nature of the work allows the business analyst to scope out the problem - define the problem, lay out the hypothesis, mine data, come up with findings, validate the hypothesis, make and implement recommendations, and track performance. It’s an on-going and evolving process.

To give you an example, we noticed that customers were reluctant to receive eDMs (electronic direct mailers) and that their attention span was very short. What we then did was to identify key trends and patterns in customer responses and target the customers with the right offers, at the right place and the right time.

What sparked off your interest in this field?

Business analytics is all about information and data. I realised earlier on in my career that companies have enormous amounts of data which can be used for effective decision making. My background is in accounting and marketing research. Dealing with numbers is something I am comfortable with, so my interest started from there.

Describe how you came to be involved in business analytics and some of the major milestones/highlights of your career to date.

My first job was with GE Capital International Service in India in 2005. I was in campaign management, identifying customers to be targeted in a marketing campaign.

One significant milestone in my business analytics career would be when I was doing insurance analytics at ICICI Prudential, a life insurance company. I was spearheading the upselling initiative. Through extensive data mining and insights, we identified customers who were likely to purchase another policy. This was a totally new programme for the company.

We began by holding discussions with the business people. Through data mining, we obtained insights and identified potential customers. Then we tested the hypothesis and tracked the results. When there were significant incremental results, the programme was launched.

In my current role at Citibank, I help look after marketing analytics for the management teams of the various products and the credit cards portfolios. Our typical tasks would be to develop a business case for the introduction of a new product or the re-launch of existing products. We help develop new customer segmentations for better customer engagement or new models using advanced statistical techniques such as regression analysis to improve customer response and drive growth in spend.

What are some of the important skillsets that are required for your role?

You must be good at solving business problems, have an inquisitive and questioning mind, and have an aptitude for numbers.

A lot of times, you are just given the problem. It is up to the business analyst to scope out the problem, define it and solve it. We have to look out for different information sources, and when you are given all the information, you have to be able to make sense of the ambiguity. Numbers, and especially patterns in numbers, give me a very strong tool for decision-making.

There also has to be a right balance between knowledge of the business and the data. Business domain knowledge is key to analytics – it helps you connect the dots, and make sense of your numbers.

You also need good organisation skills to influence your key stakeholders. You have to come up with findings to convince them. You have to be able to work with the team and communicate your business decisions.

How can these skillsets or competencies be developed?

I have a background in accounting (a Bachelor of Commerce degree from Mumbai University and a Post Graduate Diploma in Management from Mudra Institute of Communications, Ahmedabad). My other area of expertise is in marketing research, which involves using analytical and statistical techniques to conceptualise and develop marketing programmes for the organisation.

I acquired a lot of these skills on the job. There is continuous training for all staff at Citibank, but a lot of it can also be picked up through experiential learning - people skills, creative thinking or other competencies specific to the company’s business. Some basic traits like teamwork can even be developed in school, for example, when you practise teamwork in your extra-curricular activities, group projects and case studies.

Business analytics is a fast growing field. More and more organisations are starting to recognise and leverage it to support them in decision making. Each organisation has a lot of data and definitely we can and should start learning to use it in a more structured and value-added manner.